31% cite financial issues as the top cause of stress

Just under a third (31%) of employee respondents cite finances and money as the top cause of stress, according to research by BHSF Employee Benefits.

Its Breaking the cycle report, which surveyed 1,000 full-time and part-time UK employees, also found that 63% of respondents are kept awake at night and are less productive at work because of stress.

The research also found:

19% of respondents cite family life as the top cause of stress, 16% name health as the biggest cause of stress, and 26% list their job as the main cause of stress.

58% of respondents admit going into work while experiencing health or stress issues.

53% of respondents would not feel comfortable approaching their employer about a mental health issue, and 31% of respondents would not feel comfortable approaching their employer about a physical health issue.

28% of male respondents have taken time off over the last year because of stress or personal problems, compared to 21% of female respondents.

45% of respondents would feel unable to approach their employer if personal issues such as divorce or debt were affecting their lives and performance in the workplace.

17% of respondents say their employer runs mental health initiatives, and 17% do not know.

71% of respondents state that their organisation offers no financial support beyond statutory sick pay.

Brian Hall (pictured), managing director at BHSF Employee Benefits, said: “This report paints a devastating portrait of how professional and personal stress triggers are directly leading to mental health issues and absenteeism on an unprecedented scale, which is, unfortunately, being chronically underestimated by employers and is a potential time bomb under workplace productivity.

“Employees and their employers are caught in a vicious cycle, which begins with a gradual build up of stress, both inside and outside work, leading onto job performance issues, absenteeism and ultimately long-term sick leave. Our objective with this research is not to blame employers, but to help them gain a much better understanding of the issues involved and, hopefully, encourage a more proactive approach to employee wellbeing. Over the long-term, this approach can help build a much more resilient workforce, able to withstand the pressures of modern life and, ultimately, improve productivity.”